Showing 1 - 10 of 906
This paper begins by re-examining the spectral properties of several cyclically sensitive variables such as hours worked, unemployment and capacity utilization. For each of these series, we document the presence of an important peak in the spectral density at a periodicity of approximately 36-40...
Persistent link: https://www.econbiz.de/10012979357
innovation is not the same innovation freely available but the unchanged generic technology. Growth is concentrated in any … innovative nation are different from those of the no-growth stationary state which we teach and fall back on. We propose an …
Persistent link: https://www.econbiz.de/10012757081
The primary predictions of strategic-trade theory are not restricted to imperfectly-competitive markets. Indeed, these predictions emerge in a natural three-country extension of the traditional theory of trade policy in competitive markets, once the theory is augmented to allow for...
Persistent link: https://www.econbiz.de/10013227741
This paper reviews some of the literature on the macroeconomic effects of oil price shocks with a particular focus on possible nonlinearities in the relation and recent new results obtained by Kilian and Vigfusson (2009)
Persistent link: https://www.econbiz.de/10013141004
In most modern macroeconomic models, the steady state (or balanced growth path) of the system is a local attractor, in …
Persistent link: https://www.econbiz.de/10012991676
This paper introduces dynamics in the R&D-to-innovation and innovation-to-productivity relationships, which have mostly been estimated on cross-sectional data. It considers four nonlinear dynamic simultaneous equations models that include individual effects and idiosyncratic errors correlated...
Persistent link: https://www.econbiz.de/10013063857
This paper compares different solution methods for computing the equilibrium of dynamic stochastic general equilibrium (DSGE) models with rare disasters along the line of those proposed by Rietz (1988), Barro (2006}, Gabaix (2012), and Gourio (2012). DSGE models with rare disasters require...
Persistent link: https://www.econbiz.de/10012998933
reflected in past herd growth data, converge to a unique equilibrium at a small herd size while those with higher ability …
Persistent link: https://www.econbiz.de/10012983431
This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means...
Persistent link: https://www.econbiz.de/10012983434
We document that trust in public institutions--and particularly trust in banks, business and government--has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear legacy...
Persistent link: https://www.econbiz.de/10013128268